Patterson-UTI Energy Inc. - 2015-03-18
Description
Entered senior unsecured term loan agreement with group of financial institution lenders led by Wells Fargo Bank NA. Term loan, and Patterson’s credit agreement, mature Sept. 17, 2017. Loan was used to repay $150 million of outstanding revolving credit facility borrowings. Remainder of loan will support funds for general corporate purposes. New letter of credit facility entered with Bank of Nova Scotia. The $500 million line of credit under principal facility will be obtained after all payments are made and letters of credit are replaced.